- VeChain price has lost 10% of market value in the last six days.
- VET's uptrend has the potential to rally toward the $0.034 level.
- Invalidation of the bullish thesis would arrive from a break below $0.021
VeChain price has experienced a recent market decline but still appears to have the potential for a bullish uptrend.
VeChain price consolidating as a potential buying opportunity?
VeChain price has declined nearly 10% over the last six days, marking the longest declining streak for the token in 2023. Despite the profit-taking move, VET’s technicals are still in line with the overall bullish uptrend. The Relative Strength Index (RSI) suggests that the uptrend rally, which is 80% above its origin point at $0.015, still has the potential to extend higher.
VeChain's current trading price is $0.027. The RSI broke into overbought conditions last week when the price rose into the mid-$0.03 zone after nearly two weeks of consolidation within the low $0.02 zone. Furthermore, a bullish divergence is displayed at current price levels compared to the previous range, near $0.022. Bullish divergences on the RSI are common reversal signals as they are known to catalyze strong counter-trend surges.
Based on the analysis, the next bullish target for VeChain lies near the $0.03 level to challenge liquidity dating back to August of 2022. The bullish scenario creates the potential for a 20% increase from VET's current market value.
VET/USDT 3-day chart
Invalidation of the bullish thesis would arise from a break below the three-day bullish engulfing candle that broke through the previous two-week trading range at $0.021. If the bears breach this level, the VET price could decline 50% to 61.8% of the winter rally. The bearish scenario would create the potential for a 20% drop, targeting liquidity levels as low as $0.019.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC remains calm before a storm
Bitcoin price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday. A K33 Research report explains how the markets are relatively calm and shaping up for volatility as investors absorb the tariff announcements.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum developers tentatively scheduled the Pectra mainnet upgrade for April 30 in the latest ACDC call. Whales have stepped up their buying pressure in hopes of a price uptick upon Pectra going live on mainnet.
BTC stabilizes while ETH and XRP show weakness
Bitcoin price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders. However, Ethereum and Ripple show signs of weakness as they face resistance around their key levels and face a pullback this week.
Bitcoin: BTC remains calm before a storm
Bitcoin (BTC) price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.